/ / / 3. Counselors of Douglasville purchased equipment on January 1, 2017 for $58,500 Counselors of Douglasville expected the equipment to last for sex December 31, 2021, after using the equipment for five full years. Assume depreciation for 2021 has been recorded Journalize the sale of the equipment First, calculate any gain or loss on the disposal of the equipment Market value of assets received Less: Book value of asset disposed of Cost Less. Accumulated Depreciation Gain or (Loss) Now, journalize the sale of the equipment. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31